Final answer:
In perfect competition, firms cannot choose the price at which to sell their goods; they must accept the market price set by supply and demand.
Step-by-step explanation:
In perfect competition, all the following situations arise except each firm chooses the price at which to sell the good it produces. In a perfectly competitive market, firms are price takers, meaning they must accept the market price for their products as determined by the overall supply and demand.
Any single firm's influence on the market price is negligible due to the large number of firms producing identical products. Buyers have access to all relevant information about the product, including price, and firms have the freedom to enter and exit the market. Therefore, the firms cannot set their own prices but must sell their goods at the prevailing market price.